Parent PLUS Loans
The Federal Parent PLUS Loan Program provides loans for parents of dependent students attending post-secondary schools.
All parents who wish to borrow a Direct Parent PLUS Loan on their student's behalf MUST complete a Direct PLUS Loan Request Form and a Direct Parent PLUS Loan Master Promissory Note (Direct PLUS MPN).
The Direct Parent PLUS Loan is an education loan with a fixed interest rate (6.41% for the 2013-14 academic year) that allows a parent to fund up to the entire cost of their student's education minus financial aid already awarded. Parent PLUS Loans borrowed prior to July 1, 2006 have a variable interest rate. See chart for applicable interest rate.
Eligibility is based on credit worthiness of the parent. Parents and/or step parents of dependent undergraduate students are eligible to borrow under the Federal Direct Parent PLUS program.
The FAFSA (Free Application for Federal Student Aid) must be completed and federal and state eligibility determined before a Direct Parent PLUS Loan can be processed.